In the crypto market report prepared by the ICRYPEX Research team and covering the week of January 22 – 29, we compiled the current developments regarding crypto assets, price movements of crypto assets and macroeconomy.
You can take a look at the general flow of this report below, and access all the developments that took place in the 7-day period at Weekly Crypto Market Reports: January 22, 2024 .
Overview of the January 22 Weekly Crypto Market Report
Last week was a week in which the sales in crypto assets deepened, but critical levels were exceeded with a significant increase at the end of the week.
While the selling movement we saw on Tuesday, led by Bitcoin, pressured the price to 38,500 levels, altcoins that could not withstand this decline could not withstand the pressure and experienced a larger decline.
With the subsequent return movement starting from the lowest levels, Bitcoin closed the week above the 42,000 level, while some of the altcoins also had a positive closing. The total cryptocurrency market value closed the week at 1.58 trillion dollars, after falling to 1.47 trillion dollars. While Bitcoin closed the week with a gain in value, it enabled the market dominance against these altcoins to rise above 52% again.
While Bitcoin dominance is currently at 52.40%, Ethereum dominance has fallen from 18.50% to 17% as the price failed to correct after the decline.
While the redistribution and cash conversion processes of bankrupt companies were important factors that suppressed the price in terms of the market, the intense outflow of Grayscale in ETFs and the company having to sell BTC was another negative factor. The balancing of ETF processes over time and the macro events we will encounter with them may have an increasing effect on volatility.
Those who want to get more comprehensive information about the week covering January 22 – 29 can review Weekly Crypto Market Reports: January 22, 2024 .